Benchmark Report: No need to worry about the solvency of the Strategy.

PANews reported on December 1st, according to CoinDesk, that Wall Street broker Benchmark stated that the pullback in Bitcoin prices has once again triggered regular concerns in the market regarding the survival capability of large investors in Bitcoin holdings, Strategy. However, the company believes that such concerns are merely noise that inevitably arises during Bitcoin declines. In a report released on Monday, analyst Mark Palmer pointed out that critics confuse short-term fluctuations with actual repayment risks, ignoring the logic behind the construction of its balance sheet aimed at maximizing Bitcoin leverage. Strategy holds approximately 649,870 Bitcoins (valued at $55.8 billion) while carrying $8.2 billion in ultra-low-cost Convertible Bonds and $7.6 billion in perpetual preferred stock. Its debt is manageable, and the company structure is far more robust than critics claim. The perpetual preferred stock is Strategy's core competitive advantage that distinguishes it from other digital asset holding companies. Regarding the crisis threshold issue repeatedly mentioned in the market, Benchmark pointed out that Bitcoin needs to fall to around $12,700 and sustain low levels to potentially trigger substantial risks, which represents a decline of up to 86%. In the current institution-led market, the agency believes this is extremely unlikely to occur. Palmer reiterated a “buy” rating for the stock and a target price of $705 (based on the assumption of Bitcoin at $225,000 in 2026), and stated that the recent pullback has not changed his view.